By Tiernan Ray

Shares of semiconductor wafer supplier SunEdison (SUNE) are up $3.05, or almost 16%, at $22.37, after the company this morning reported Q2 revenue that missed analysts’ estimates, but delivered a surprise profit.

SunEdison reported $557.5 million in non-GAAP revenue, and EPS of 12 cents, compared to the Street consensus of $567 million and a 29-cent net loss per share.

The company projected sales of energy producing systems to rise from 54 megawatts last quarter to 70 megawatts this quarter.

SunEdison said its “project pipeline” at the end of the quarter was higher by 684 megawatts of projected capacity, at 4.3 gigawatts. The company said it completed 218 megawatts of capacity during the quarter, which was toward the higher end of what the company had forecast.

CEO Ahmad Chatila remarked that the quarter was a “transformational period” for SunEdison, including the IPO of two former divisions of the company, SunEdison Semiconductor (SEMI) and TerraForm (TERP), the so-called Yieldco for the company’s projects business.

SunEdison Semiconductor shares are up 4 cents at $16.54, after it reported its own results this morning, with revenue of $214.6 million falling below the average $216.3 million, but the reported profit of 34 cents beating the Street’s expectations for a 39-cent loss.

As with Tuesday evening’s report by First Solar (FSLR), and the analysis the morning after, the discussion this morning on the conference call with analysts turned to the Yieldco, and the possibility for further MLP-like spin-offs. Chatila was asked about those prospects, and remarked,

Our volumes around the world are very very high and they’re growing and we would like to take advantage of that and so we’re thinking about others. We are not ready to announce exact dates but it’s clearly on our mind and it’s not like the last few weeks we start thinking about it. Actually, I would say international vehicle assessment started in January of 2013, so I’ll just tell you we’ve been strategic.

“We acknowledge the best in class disclosure from the management team in terms of pipeline and value creation, and believe that this should set the benchmark for pipeline disclosure in the sector,” writes Satghare.

About Tech Trader Daily

Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.